what does it mean to be underwater on a mortgage

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Being underwater in a mortgage means simply that the total debt secured by a property (e.g., the total value of all mortgage loans), exceeds the appraised value of that property. Is It Ok To Walk Away From Your Underwater Mortgage?

An underwater mortgage also often prevents a homeowner from being able to refinance the debt. Underwater homeowners are typically unable to get a new loan with more favorable terms-like a lower interest rate-if the current value of the property is not enough to act as security for a new loan that is sufficient to pay off the existing mortgage.

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Put simply, an "underwater mortgage" is defined as a home loan with an outstanding balance that exceeds the value of the associated property. An underwater mortgage can also be referred to as an "upside-down mortgage" or a "negative equity mortgage."

The Definition of an Underwater Mortgage – Budgeting Money – Underwater Mortgage Definition. Sometimes a mortgage ends up underwater because the home value has decreased, and when a home’s value keeps decreasing, it can be incredibly difficult to get out from underwater if you don’t make extra payments on your mortgage. Being underwater means, as a homeowner, you owe more on your mortgage than the house is worth.

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An underwater mortgage means you owe more on your home than it's worth.. an underwater mortgage is, how to know if you have one, and what you can do.